The Finance Ministry has transferred 19 plots of land, valued at MVR 1.3 billion, to Fahi Dhiriulhun Corporation (FDC) in exchange for shares, following a civil court ruling validating the transaction.

FDC, a government-owned corporation, holds 200 million shares valued at MVR 2 billion. However, the government had yet to pay for 107 million of these shares. To settle the unpaid amount, the Finance Ministry transferred ownership of 19 plots to FDC. Both parties agreed on the valuation of the shares at MVR 1.3 billion.

The civil court ruled that the transaction was lawful, stating that neither laws nor regulations require payments for land transfers to be made in cash when government shares are involved. The court affirmed that the exchange was fair and mutually beneficial, confirming the validity of the deal.

FDC plays a key role in providing affordable housing solutions in the Maldives, and this land allocation is expected to support its ongoing projects.